What's Going On With Enovix Stock Wednesday?
Portfolio Pulse from Adam Eckert
Enovix Corp (NASDAQ:ENVX) reported mixed Q4 results with revenue beating estimates at $7.38 million but EPS missing by a cent at a 28 cent loss. The company issued weak Q1 guidance, expecting revenue between $3.5 million and $4.5 million, below estimates of $4.56 million, and an adjusted loss of 29 to 35 cents per share, worse than the estimated 24 cent loss. Despite this, Canaccord Genuity and Cantor Fitzgerald reiterated their positive ratings with price targets of $17 and $30, respectively.
February 21, 2024 | 3:09 pm
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NEGATIVE IMPACT
Enovix Corp reported mixed Q4 results, with a revenue beat and an EPS miss, alongside weak Q1 guidance. However, Canaccord Genuity and Cantor Fitzgerald reiterated positive ratings with significant price targets.
The mixed quarterly results and weak guidance are likely to negatively impact investor sentiment in the short term, despite the positive reiterations from analysts. The EPS miss and lower-than-expected Q1 revenue guidance could lead to a decrease in stock price, as reflected in the 3.4% drop at the time of publication.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100